GM Financial Partners With Blockchain Startup to Fight Identity Fraud
General Motors Financial, the financing arm of the automaking giant, said Monday that it is partnering with blockchain startup Spring Labs on solutions for identity verification.
The startup – which counts former Trump economic advisor Gary Cohn on its board of advisors – said that GM is exploring the acquisition of a stake alongside other use cases. A spokesperson for GM Financial declined to comment on the possibility of GM or its subsidiary becoming a Spring Labs shareholder.
“We are actively exploring the development of auto finance and GM specific use cases, in addition to the identity verification products being developed,” co-founder and CEO Adam Jiwan said via a spokesperson. He added that the blockchain network Spring Labs a working on at the moment will be available in private beta for the partners inQ3, and the live network is scheduled to launch in early 2020.
In a press statement, Mike Kanarios, chief strategy officer for GM Financial, said that “today’s announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program.”